Coco export earnings surge 76 percent to $868 million

MANILA, Philippines — The country’s exports of coconut-based products expanded by 76 percent to $868 million in the first quarter from $492 million a year ago as prices of coconut oil remained elevated amid growing demand and tighter supply, according to the Philippine Statistics Authority (PSA).

As expected, coconut oil led the product group in terms of export receipt, accounting for 85 percent of the total value posted by the product group.

Coconut oil exports surged by 85.5 percent to $740.19 million in the first quarter from $398.98 million last year, according to the PSA.

Coconut oil prices have been rising in recent months as the global vegetable oil market face tightening of supply due to unfavorable production across the world coupled by the rising demand for the commodity.

Coconut oil is part of the global vegetable oil market where it competes with other products like palm oil, soybean oil and sunflower oil.

The average coconut oil price in the first quarter expanded by 74 percent to $2,082 per metric ton from $1,197 per metric ton in the same period last year, based on World Bank data.

The country’s exports of desiccated coconut rose by 54 percent year-on-year to $94.59 million from $61.38 million, according to the PSA.

Meanwhile, exports of other coconut products such as copra meal and cake fell by almost 30 percent to $9.15 million from $12.99 million. Export receipt of other coconut products, including coconut water, rose by 26.7 percent to $24.04 million from $18.98 million.

Meanwhile, the country’s exports of fruits and vegetables in the first quarter rose by 7.2 percent to $624.91 million from $582.76 million. The product group was led by banana exports that increased by 6.5 percent on an annual basis to $337.17 million from $316.59 million.

Exports of canned pineapple juice rose 4.4 percent to $59.09 million from $56.62 million while shipments of pineapple juice grew by 5.4 percent to $29.85 million rom $28.33 million, according to the PSA.